El.En.

Investor Presentation • Nov 18, 2025

COMPANY PRESENTATION

IntermonteEuropean MidCap Conference

Virtual

November 19th, 2025

Certain statements in this slide show, including those addressing the Company's beliefs, plans, objectives, estimates or expectations of possible future results or events, are forward-looking statements. Forward-looking statements involve known or unknown risks, including general economic and business conditions, and conditions in the industry we operate and may be affected should our assumptions turn out to be inaccurate. Consequently, noforward-looking statement can be guaranteed and actual future results, performance, or achievements may vary materially from those expressed or implied by such forward-looking statements. The Company undertakes noobligation about the contents nor to update the forward-looking statements to reflect events or circumstances that may arise after the date hereof.

• 1. Overview
• 2. Markets and Growth Drivers
• 3. Our Strategy and Market Approach
• 4. Financial Highlights
• 5. Current Outlook
• 6. Multiples & Comparables

^A PRIMARY PLAYER PROVIDING MEDICAL,INDUSTRIAL AND CONSERVATION LASER SOLUTIONS WORLDWIDE

World Class Hi-Tech company

Hi-Tech industrial group providing laser solutions with proprietary technologies and know how developed over ⁴⁰ years

Listed on Euronext STAR Milan of Italian Stock Exchange since year ²⁰⁰⁰ and member of Euronext Tech Leaders

Within Worldwide leaders in its space

Active worldwide on several laser application segments andmarkets…

…progressively widening its globalwide presence achieving continuous growth over the years

OUR APPROACH

40

YEARS OF EXPERIENCE

25

SUBSIDIARIES

9

COUNTRIES WITH DIRECT PRESENCE

9

PLANTS

WE CREATE LIGHT, ENERGY, WAVES

MEDICAL

Our energy based systems improve people's well-being and life quality.

In the SURGICAL SECTOR, our minimally invasive technology systems minimize pain, side effects and risks of surgical procedures and hospitalization days.

In the AESTHETIC SECTOR, our systems satisfy the growing desire of individuals to improve their appearance also reducing pathological or painful imperfections.

INDUSTRIAL

Our LASER CUTTING and MARKING SYSTEMS Improve the productivity of our customers manufacturing plants also limiting the environmental impact of manufacturing processes minimizing waste, fumes generated by the process, use of chemical additives, and allowing to eliminate the need for inks, solvents or glues within the process.

CONSERVATION

Our LASER SYSTEMS PRESERVE artworks of the universal heritage of our communities.

EthiFinance

ESG ratings

OUR APPROACH

MSCI ESG RATINGS

Sustainalytics

OUR STRATEGY FOR A SUSTAINABLE FUTURE:

Create value over time and be ready to successfully meet the future challenges

R&D

5 R&D dept

15 MLN
Yearly R&D investments

30 Patents

120 R&D specialists

PRODUCTS

60.000

Laser sources installed worldwide

ISO 9001 e ISO 13485

Certifications

ISO 14064

El.En., Deka Mela and Quanta

50 Quality & Regulatory specialists

PEOPLE

~18% under 30 years

>1.400 employees

33% of employees have a university degree and over 90% hold either a degree or a high school diploma.

WELFARE at the heart of business projects.

Workspaces were renewed for several Group companies: employees well-being was increased and plants'energy efficiency as well

24.000 HOURS

Training

ENVIRONMENT

7 Photovoltaic systems active in 2024

2 Photovoltaic plants in progress

16%

Self-produced electrical energy share of the annual total consumption

39%

Annual electricity consumption comes from renewable sources

All data refers to the Group without Chinese divi

Pigmented lesions

Antiaging/Pigmented lesions

Compact sheet metal cutting system

MINIMALLY INVASIVE SURGERIES:

• •Lower risks and side effects
• •Faster recovery /Shorter hospital stays
• •Savings by Private & National Health Systems
• •Attractive ROI for surgical services providers
• •Rapidly Growing Urology laser market
• •Consumables revenue stream in Urology

MEDICAL AESTHETICS MARKET TRENDS

• • Aging demographics and increasing focus on improving appearance and youthfulness
• • Cosmetic procedures as preventive measures for and to slow down the aging process
• • Growing interest in non-invasive or minimally invasive procedures and awareness of energybased aesthetic treatments
• • Reduction in procedure costs, attracting a broader patient base
• • Aesthetic procedures becoming part of lifestyle and increasingly part of people's wellbeing
• •Rapid growth expected

MARKET RESEARCHES GROWTH ESTIMATES

GLOBAL MEDICAL LASER MARKET

•	Mordor Intelligence	CAGR 13,4% to 2028
•	Fortune business insights	CAGR 13,1% to 2030
•	Global Market Insights	CAGR 14,5% to 2032
•	Research and Markets	CAGR 13,2% to 2030

With an estimated market size of $\approx$ \$5 Bln in 2021 including:

• Ophthalmology Dermatology Aesthetics- Dentistry
• Surgical -Gynecology Urology Cardiovascular

AESTHETIC LASER AND ENERGY DEVICES MARKET

Research and Markets
CAGR 9,45% 2023- 2028
\$ 3,7Bn 2023 Market Size

Tecnavio CAGR 10,9% 2023- 2028

\$3,9Bn 2023 Market Size

Laser cutting applications:

• • Laser power increase + Cost reduction: enhanced flexibility, productivity and quality standards in manufacturing processes.
• •Automation for increased productivity
• •New application verticals
• •Building and construction

Laser marking:

• •Products identification and traceability
• •Minimal environmental impact

Laser processing market:

•Size: \$17,48 billion in 2021

•Expected CAGR to 2030: 9,1%

Source: Grand view research

Technical Knowledge

Electronics

Optics

Photonics

Mechanics

Fluid dynamics

Power electronics

Software

LASER

Application Expertise

Aesthetics

Surgery

Dermatology

Physiotherapy

Art Conservation

• •Flexibility
• •Speed
• •Power
• •Precision
• •Selectivity
• •Effectiveness

MID-TERM STRATEGIC VISION BASED ON:

• • Continuous investment in R&D: maintaining the unmatched wideness of our product range by innovating existing technologies and developing new ones
• •Cooperation with primary research institutions and KOL'S
• • Excellent coverage of the target markets based on the widespread and loyal distribution network created over the years
• • Focus on innovative products release, technical support and continuous training to our customers
• Unique Multi brand approach

Physiotherapy

WIDE RANGE OF PRODUCTS IN MEDICAL SECTOR²⁰

Hair removal Tattoo removal & Pigmented lesions

Body Contouring

Skin Rejuvenation

Surgery

Dermatology

Art Conservation

Innovative

• gentle and

painful

User friendly

LINEAR CUBE

Teleborsa:
distribution
and
and commercial
use
strictly
prohibite

Euro '000	30/09/2024	%	30/09/2025	%	Var. %
	unaudited		unaudited
Medical	294.013	72,4%	307.537	72,9%	4,6%
Industrial	112.219	27,6%	114.394	27,1%	1,9%
Revenues	406.232	100,0%	421.931	100,0%	3,9%
Gross margin	176.928	43,6%	188.342	44,6%	6,5%
Operating Expenses	39.445	9,7%	44.550	10,6%	12,9%
Staff espenses	71.561	17,6%	78.155	18,5%	9,2%
EBITDA	65.922	16,2%	65.637	15,6%	-0,4%
Depr., amort., accruals	9.025	2,2%	10.602	2,5%	17,5%
EBIT	56.896	14,0%	55.035	13,0%	-3,3%
Net financ.income(charges)	(693)	-0,2%	(1.778)	-0,4%	156,5%
Other income (expense) net	5.024	1,2%	(1.078)	-0,3%
EBT	61.228	15,1%	52.180	12,4%	-14,8%
	31/12/24		30/09/25 unaudited
Net financial position	110.559		137.399

Euro '000	2024-Q3	%	2025-Q3	%	Var. %
	unaudited		unaudited
Revenues	134.761	100,0%	136.595	100,0%	1,4%
Gross margin	57.097	42,4%	62.131	45,5%	8,8%
Operating Expenses	11.327	8,4%	13.607	10,0%	20,1%
Staff espenses	23.227	17,2%	25.110	18,4%	8,1%
EBITDA	22.543	16,7%	23.414	17,1%	3,9%
Depr., amort., accruals	2.910	2,2%	3.027	2,2%	4,0%
EBIT	19.632	14,6%	20.387	14,9%	3,8%
Net financ.income(charges)	(723)	-0,5%	884	0,6%
Other income (expense) net	24	0,0%	(817)	-0,6%
EBT	18.933	14,0%	20.454	15,0%	8,0%
_					-

certified

<-- PDF CHUNK SEPARATOR -->

^* Nopat =Ebit-Income tax

^**D&A= Depreciation, Accruals and Devaluation

^***NWC= Net Working Capital

Industrial: +2%

in Euro million

Medical: +5%

in Euro million

Revenues ^{2025 &}gt; Revenues ²⁰²⁴

EBIT ^{2025 &}gt; EBIT ²⁰²⁴

Stockholder's Equity per share	5,2
Price / Book Value Adj.	2,1
EV /EBIT (95% EBIT)	10,7
EV / Sales (95% Sales)	1,4

El.En. Market Cap.	890,6 @ €11,10
Net financial position	137,4 @ 30/09/2025
Financial investments m/l term	10,7 @ 30/09/2025
Enterprise Value	742,5

emanket sdir storage certified

MULTIPLES

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⁽¹⁾ EV and multiplies as for previous slide

⁽²⁾ Financials @ 30.06.25

^(*) Revenue,Ebit and earnings annualized

CONTACTS

El.En. S.P.A.

Enrico RomagnoliInvestor Relations Managertel. +39 055-8826807

E-mail: finance@elen.it

POLYTEMS HIR

Financial Communication, IR and Press OfficeBianca Fersini Mastelloni - b.fersini@polytemshir.it Silvia Marongiu - s.marongiu@polytemshir.it Tel. +39 06-69923324